What happens if I want to convert my property to a buy to let?

Switching from a residential mortgage to a buy to let mortgage is very common. A number of scenarios can warrant a mortgage switch, such as moving home or having an empty house under a residential mortgage. A buy to let mortgage is designed for borrowers who want to let their property out to a third party.

If you have a residential mortgage but want to switch to a buy to let, you will need consent from your lender. If your current lender declines, then a remortgage may be an option with an entirely new lender. This can incur early redemption penalties, depending on your mortgage term.

Switching mortgages usually depends on the below:

  • Current mortgage type
  • What your intentions are to do with the property
  • Your future living arrangements
  • Other mortgages you have
  • Terms of your current mortgage
  • Lender consent

A buy to let mortgage is completely different to a residential mortgage. You may want to maximise your rental income for instance, where previously this wouldn’t have been an option. Our advisors can instantly check to see what buy to let rates you’ll qualify for and run through the differences with you.

If you simply change your mortgage with your current lender, you’ll only be shown their rates. By doing this, you’ll limit yourself to just one lender. As a result, you won’t have the option of choosing the best mortgage you’re eligible for.

Unlike standard residential mortgages, lenders will not only consider your income but will also expect you to meet certain criteria such as the deposit available, the rental income that can be generated and the investment potential of the property being purchased.

We have access to an extensive range of mortgage products many of which are not available on the high street and will use our years of experience to tailor a product to meet your exact needs.

Talk to the experts at Home of Mortgages today.

Your home may be repossessed if you do not keep up repayments on your mortgage.

We charge an application fee of £95 upon submission on your mortgage. Typically our fee for arranging your mortgage is £495 payable upon offer, however, a fee of up to 1% may be charged.

LBR Financial Solutions Limited trading as Home of Mortgages is an Appointed Representative of Stonebridge Mortgage Solutions Ltd which is authorised and regulated by the Financial Conduct Authority.